Which of the following is an implicit cost to a firm that produces a good or service?  A. Labor costs B. Costs of operating production machinery C. Foregone profits of producing a different good or service D. Costs of renting or buying land for a production site

Q: How does the impact of fixed costs change production decisions in the short run and in the long run?

A: A fixed cost(FC) is an expense that doesn't change with an expansion or reduction in the measure of…

Q: Total cost divided by quantity of outout is Select one: a average variable cost b. average total…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Use the following information to answer the question Quantity (number ofFixedVariable Total Marginal…

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Q: Marcella operates a small, but very successful art gallery. All but one of the following can be…

A: In economics the variable costs refer to those costs that change with the change in volume. On…

Q: Question 2 a. A producer borrows money and starts a business. He himself looks after the business.…

A: Total fixed cost (or also called TFC in short) denotes the portion of production cost remaining…

Q: What are the short-run and long-run costs of the production of Adidas?

A: Short run Cost is the cost price of manufacturing processes that have short-term inferences, i.e.,…

Q: # Units Produced Total Revenue Total Costs 1 100 50 180 110 3 250 180 4 290 270 310 380 2. 5.

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Q: The difference between variable cost and fxed cost is that Select one: a. fixed cost is paid even…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: en to salaries and wages when you are in a production/manufacturing business that you want to…

A: 1a. .In long run as part of more than one business cycle, all cost become variable.  In short run…

Q: Use the following information to answer the question Quantity (number ofFixedVariable Total Marginal…

A: Marginal cost is the cost which occurs due to the production of one more unit of output is called…

Q: what is meant by the term Cost of production? Distinguish between fixed and variable cost. Why short…

A: One of the important motives for the firms operating in a market is profit. Profit is the difference…

Q: Use the following information to answer the question Quantity (number ofFixed Variable Total…

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Q: Explain every point with graph. 1. Economic and business cost . 2. Short run production analysis /…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: The same firm produces 500 lawnmowers per week. It hires 20 full-time workers (40 hours/week) at an…

A: Given that, Units produced = 500 Here , hiring workers and raw materials are variable cost . Raw…

Q: For each term, explain the definition or calculation, and explain this concept to someone who is…

A: Cost of production is the total cost that a firm or a business incurs for the production of goods…

Q: A firm analyzes the effects of raising its current level of output and finds that doing so will…

A: The firm average total cost increases if the firm increases its current level of output. The average…

Q: A firm had sales revenue of $1 million lastyear .Its pent $600,000 on labor,$150,000 on capitaland…

A: The accounting profit refers to the profit which the firm receives after it has done for the…

Q: Diseconomies of scale are present when. Select one or more: O a. total costs fall as output rises O…

A: Large firms may experience economies of scale or diseconomies of scale as their output grow.

Q: Part III. Production and costs The short run production of a local firm is given as follows. Fill in…

A: Total Product refers to the total output produced by a firm by using given inputs. Average Product…

Q: Marginal cost tells us a. the amount fixed cost rises when output rises by one unit O b. the…

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: If a firm has an accounting profit it must have an economic profit. O True O False

A: Profit = total revenue - total cost

Q: Which one of the following is a fixed cost for a handmade furniture manufacturer?   The cost of…

A: The total costs of any firm in the short run comprise the firm's fixed costs and its variable costs.…

Q: Which of the following is not a part of the short run marginal costs for a pharmaceutical company?…

A: Large manufacturing equipment is such type of input that is variable only in the long run. It is…

Q: Economics Question: Marginal cost is defined as the change in total cost when: a) Total fixed cost…

A: Fixed Costs (FC)- Fixed costs are expenses that do not change with the level of production or…

Q: Which of the following is the extra, or additional, cost of producing one more unit of output?…

A: While producing the output, the producers majorly incur two kinds of costs, for example, the…

Q: None

A: Marginal cost refers to the extra cost incurred in producing one additional unit of a good or…

Q: Lesson 8 - Costs Question 5

A: C. Implicit costExplanation:Implicit costs Cost where one has to give up something valued that is…

Q: Is a farm business considered Land, Labor, Capital

A: Factors of production are the inputs used in the production process and they can be broadly…

Q: __________ refers to the expenditures incurred by a firm to obtain the factors of production that…

A: Factors of production are the main pillars for producing output in the economy. All the inputs of…

Q: The minimum value for average costs is$19which occurs atQ=1and the vertical intercept is$20. (a)…

A: The average cost is given as $19.  It is the minimum average cost that occurs at Q = 1. The vertical…

Q: A firm produces one good and has average cost equal to 115, average variable cost equal to 75, and…

A: The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…

Q: Which of the following statements is true as a result of the per-burger tax? Check all that apply.…

A: The per-unit tax would result in the tax on each unit of output produced. As a result, the per unit…